Thursday, April 18

Author: Gauri Singh

FlixBus Adds VR on Routes to and from Las Vegas
News

FlixBus Adds VR on Routes to and from Las Vegas

FlixBus, the low-cost tech-forward bus service out of Europe has reportedly added a VR experience to some long-distance routes to and from Las Vegas. The service launched in the US this year. For now, the FlixBus VR feature, which includes about 50 virtual reality games and travel experiences, is limited to routes from Tucson, Phoenix, Los Angeles and San Diego. And it will run for three months. Travelers who reserve a panoramic seat on these routes will get the VR experience for free. Once on board, passengers will receive VR headset loaded with content. The Pico Goblin 2 headsets are from Pico Interactive. Inflight VR provides the content and software updates of the VR platform. Inflight VR has experience with offering a platform to people who are traveling. The company al...
Facebook Accelerates Outsourcing to Indian IT Firms to Manage Fraud
Tech

Facebook Accelerates Outsourcing to Indian IT Firms to Manage Fraud

The social networking giant Facebook has accelerated its reach to Indian IT services firms including HCL Technologies, Wipro and Tech Mahindra for the purpose of content moderation, anti-money laundering and data analytics as it faces increased global pressure and scrutiny to curb rumours as well as fraud on the platform. The social network has increased the engagement in the “the last few months” with the Indian companies. One of the executives of a tech firm said the combined contracts of Indian companies with Facebook is valued at over $400 million and would only increase as the social network seeks human help in resolving issues that it had earlier thought would be helped by technology. After the scandals broke out, Facebook founder Mark Zuckerberg had p...
Infibeam Cancels Snapdeal’s Unicommerce Acquisition
ACQUISITION

Infibeam Cancels Snapdeal’s Unicommerce Acquisition

eInfibeam Avenues had announced that its up to Rs 120 crore-deal to acquire Unicommerce, a subsidiary of e-commerce platform Snapdeal, however, the deal has been terminated. "...we wish to inform you that the SPA has been terminated as the conditions precedent were not fulfilled within the stipulated time period," Infibeam said in a regulatory filing. In May, Infibeam Avenues had announced signing a definitive share purchase agreement (SPA) with Unicommerce eSolutions and Jasper lnfotech (which runs Snapdeal) to acquire 100% stake in Unicommerce. It had sated that the acquisition would boost its e-commerce enablement capabilities and expand the product offerings for existing clients. The transaction was scheduled to close in three-fiv...
Online Consumption in China Goes High-end
CHINA

Online Consumption in China Goes High-end

Consumers in China are increasingly opting for smart and quality products online as robots and imported goods are gaining popularity as stated by a report. The report was announced by e-commerce giant Alibaba's Taobao village and think tank Aliresearch. It showed the consumption trend in the first 11 months of 2018 in the nearly 3,000 county-level administrations in China. Robot vacuum sales in the top 10 Chinese counties topped 100 million yuan ($14.6 million) during the period, while the stir-fry robot has become a popular smart kitchenware genre, according to the report. Agricultural drones sales online are also noted in counties in the northeast regions, as farmers in the traditional agricultural base modernize their production. The report also marks the rapid sales growth...
Alcohol Brand Kweichow Moutai Plans to Sell 31,000 tons of Liquor in 2019
BUSINESS

Alcohol Brand Kweichow Moutai Plans to Sell 31,000 tons of Liquor in 2019

One of the top alcohol companies in China called Kweichow Moutai has announced that the company plans to sell about 31,000 tons of product in 2019. "The sales volume in 2019 will increase by 3,000 tonnes more than in 2018," said Li Baofang, chairman of Moutai Group. A total of 17,000 tons of liquor will be supplied to distributors and the rest will be sold through e-commerce retail channels. The group is going to sell 7,500 tons of liquor during the coming New Year and Chinese Lunar New Year, or Spring Festival, period. Customers will be able to buy a special Year of the Pig edition after the New Year's Day holiday. Moutai is a sorghum-based spirit produced by Kweichow Moutai and is China's top brand of baijiu (white alcohol). The liquor, often served on official occasions and...
Top Five Funding of the Week (24th Dec – 29th Dec)
FUNDING

Top Five Funding of the Week (24th Dec – 29th Dec)

Without funding, an entrepreneur cannot think of taking forward or flourishing his business, and thus, funding activity is a major part of any business. With this step, the business grows and flourishes to a great extent. This week was quite eventful in terms of funding activities and let us have a look on the top five funding activities of the week. DesignCafe Online interior design platform DesignCafe has raised funds amounting to Rs 200-crore equity-financing round. This round was led by home-grown private equity firm WestBridge Capital. The transaction marks a rare venture capital-style investment by WestBridge which has so far largely preferred to place public market-focused bets. Funds from the investment will be used by DesignC...
Hong Kong based Fit Boxx Files for US IPO
Market

Hong Kong based Fit Boxx Files for US IPO

China's Fit Boxx Holdings, which sells beauty, fitness and health care products and devices, is looking forward to raise about $20 million in an initial public offering (IPO) on the US stock market. The company is planning to offer its IPO of 2,500,000 ordinary shares (or 2,875,000 ordinary shares if the underwriters exercise their over-allotment option in full) at a price range of $7.50 to $8.50 apiece. The company anticipates to be listed on the Nasdaq under the ticker symbol of "FBOX." WestPark Capital is the sole bookrunner on the deal. Founded in 2009, the Hong Kong-based company is specialized in the sourcing, marketing, selling and distribution of a variety of beauty device products and fitness and health care products, which are mainly for home use, under various bra...
RBI Creates Compliance Portal to Track Cyber Fraud
INDIA

RBI Creates Compliance Portal to Track Cyber Fraud

The Reserve Bank of India (RBI) would set up a compliance and tracking system portal to tackle the multiplication of cyber-fraud and seeks to establish a better redressal mechanism for consumers.  With digital transactions gaining traction, RBI’s customer-protection measures are seen as a bid to promote and improve confidence in the digital channel. This will support the government's objective of creating a ‘less-cash’ economy. “The Reserve Bank is actively engaged in improving customer service in banks by addressing existing inadequacies and the need to benchmark it against international standards in order to instil timeliness and quality by harnessing technological developments and appropriate incentives to facilitate change,” the RBI said in its Report on Trends an...
Alibaba-backed Ride Hailing company Raised “millions of funds”
FUNDING

Alibaba-backed Ride Hailing company Raised “millions of funds”

Alibaba-backed Hellobike which is one of the largest bike-sharing apps announced that it raised “millions of funds” in a new funding round. The company declined to reveal details on the funding amount and use of the proceeds. The round was led by Ant Financial,  the financial affiliate of Alibaba and maker behind digital wallet Alipay, and Primavera Capital, a Chinese investment firm that’s backed other mobility startups including electric automaker Xpeng and car trading platform Souche. The fledgling startup also got SoftBank interested in shelling out an investment, The Information reported in November. The fresh capital arrived about a year after it secured $350 million from investors including Ant Financial. It’s interesting to note that while both Ofo and Hellobike fall und...
Tesla Names Oracle co-founder Larry Ellison to Board
News

Tesla Names Oracle co-founder Larry Ellison to Board

Tesla has reportedly named Oracle co-founder Larry Ellison who is a shareholder and close friend of Chief Executive Elon Musk, to its board to provide the independent oversight demanded by U.S. regulators. The move is meant to usher Tesla past months of turbulence following Musk's Aug. 7 tweet that he was considering taking the company private and had secured funding. The fallout, which included the U.S. Securities and Exchange Commission subsequently filing fraud charges against Musk for what it said were his "false and misleading" tweets, led some investors to call for stronger board oversight of Musk. The inclusion of Ellison puts one of the world's richest people with experience building a startup into a successful company on Tesla's board. ...
Huawei, Alibaba, Xiaomi top Fortune List of China’s Most Innovative Companies
CHINA

Huawei, Alibaba, Xiaomi top Fortune List of China’s Most Innovative Companies

China has announced its list of the most innovative companies in the country and Huawei was ranked first among the most innovative company in China, followed by Alibaba and Xiaomi, in a list published by Fortune China. The Chinese-language edition of Fortune released its ranking of "China's most innovative companies for 2018" on Wednesday after surveying 359 companies, including many of China's top 500 companies and the country's firms in the world's top 500. The survey was done in partnership with the consultancy firm A.T. Kearney. The list highlighted dozens of innovative companies in sectors as diverse as telecommunications, smart homes, retail, manufacturing, logistics, banking, and healthcare. China broke into the list of the world's top 20 most-innovative economies in July,...
Smartphone Maker Oppo to Invest $145 million for App Developers
BUSINESS

Smartphone Maker Oppo to Invest $145 million for App Developers

Chinese smartphone maker Oppo has planned to invest 1 billion yuan ($145.7 million) to encourage mobile app developers to create gaming, video and other forms of quality content. The move has arrived after Oppo has accumulated 250 million monthly active users of its smartphones in the world. Every month, more than 200 million users download apps from its software store and gaming distribution center. Wu Henggang, vice-president of Oppo, said by leveraging its sound handset business, the company aims to offer smart services which will integrate content, technology, channels and other resources. Oppo has unveiled a voice skill and smart service platform Breeno, which will be opened to software developers and partners in the future, serving as an intelligent control center to connec...